WASHINGTON D.C. - U.S. Senator Bob Casey (D-PA), Chairman of the U.S. Congress Joint Economic Committee, today released the 2012 Joint Economic Report to provide an overview of the state of the U.S. economy in 2012 and assist policymakers as they deal with the fiscal cliff.
“The 2012 JEC Annual Report details the progress we’ve made toward recovery from the Great Recession,” said Chairman Casey. “While the economy improved in 2012, far too many Americans are still out of work and the impending fiscal cliff threatens to return our economy to recession. Republicans and Democrats must work together to approach the fiscal cliff in a balanced way that allows us to continue to focus on job creation in 2013.”
Mandated by the 1946 Employment Act, the JEC’s Annual Report examines the progress of the economic recovery in 2012 and identifies the challenges that remain toward achieving full recovery.
The year 2012 was characterized by modest economic growth as labor markets continued to recover from the Great Recession. However, if the spending cuts and revenue increases associated with the fiscal cliff are triggered, the economy is at risk of reentering recession in 2013, the report states.
The unemployment rate dropped 0.8 percent in the first 11 months of the year, reaching a low of 7.7 percent in November. The economy has recovered nearly 60 percent of the private-sector positions lost during and in the wake of the Great Recession.
The full report is available here.